REINSURANCE GROUP OF AMERICA INC - FORM 8-K - EX-99.2

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8-K - FORM 8-K - REINSURANCE GROUP OF AMERICA INC	c65574e8vk.htm
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Exhibit 99.2

Reinsurance Group of America, Incorporated ^®

Financial Supplement

Second Quarter 2011

(Unaudited)

Reinsurance Group of America, Incorporated ^®


World Headquarters	Internet address			Contacts:
1370 Timberlake Manor Parkway	www.rgare.com			Jack B. Lay
Chesterfield, Missouri 63017				Senior Executive Vice President
U.S.A.				and Chief Financial Officer
				Phone: (636) 736-7000
	Current Ratings			e-mail: jlay@rgare.com

	Standard & Poor's	A.M. Best	Moody's	John Hayden
Financial Strength Ratings				Sr. Vice President
RGA Reinsurance Company	AA-	A+	A1	Controller & Investor Relations
RGA Life Reinsurance Company of Canada	AA-	A+	NR	Phone: (636) 300-8828
RGA International Reinsurance Company Limited	AA-	NR	NR	e-mail: jhayden@rgare.com
RGA Global Reinsurance Company Limited	AA-	NR	NR
Senior Debt Ratings
Reinsurance Group of America, Incorporated	A-	a-	Baa1

Our common stock is traded on the New York Stock Exchange under the symbol “RGA”.

Reinsurance Group of America, Incorporated
Financial Supplement
2nd Quarter 2011
Table of Contents


	Page
Non-GAAP Disclosure		1
Consolidated
Financial Highlights		2
Consolidated Income Statement (incl. Operating Income Reconciliation)		3
Consolidated Operating Income Statement		4
Consolidated Balance Sheets		5
Segment Pre-tax Operating Income Summaries and Reconciliations to U.S. GAAP
U.S. Operations		6
Canada Operations		10
Europe & South Africa Operations		11
Asia Pacific Operations		12
Corporate and Other		13
Summary of Pre-tax Segment Operating Income		14
Investments
Cash and Invested Assets, Yield Summary		15
Amortized cost, Gross Unrealized Gains and Losses, Estimated Fair Values of Fixed Maturity and Equity Securities		16
Corporate Securities by Sector (Fixed Maturities and Equities)		17
Quality of Fixed Maturity Securities and Structured Fixed Maturity Securities		18
Subprime Mortgage Exposure (Including Funds Withheld Portfolios)		19
CMBS Exposure (Including Funds Withheld Portfolios)		20
Gross Unrealized Losses Aging		21
Fixed Maturity and Equity Securities Below Amortized Cost		22
Consolidated Gross Gains and Losses		23

Reinsurance Group of America, Incorporated
Financial Supplement

This Financial Supplement is for information purposes only and includes unaudited figures. This report should be read in conjunction with documents filed by Reinsurance Group of America, Incorporated with the SEC.

Non-GAAP Disclosures

RGA uses a non-GAAP financial measure called operating income as a basis for analyzing financial results. This measure also serves as a basis for establishing target levels and awards under RGA’s management incentive programs. Management believes that operating income, on a pre-tax and after-tax basis, better measures the ongoing profitability and underlying trends of the company’s continuing operations, primarily because that measure excludes the effect of net investment related gains and losses, as well as changes in the fair value of certain embedded derivatives and related deferred acquisition costs. These items can be volatile, primarily due to the credit market and interest rate environment and are not necessarily indicative of the performance of the company’s underlying businesses. Additionally, operating income excludes any net gain or loss from discontinued operations and the cumulative effect of any accounting changes, which management believes are not indicative of the company’s ongoing operations. The definition of operating income can vary by company and is not considered a substitute for GAAP net income. A reconciliation of income before income taxes of the operating segments to pre-tax operating income (loss) is presented herein.

RGA evaluates its stockholder equity position excluding the impact of Accumulated Other Comprehensive Income (“AOCI”) since the net unrealized gains or losses included in AOCI primarily relate to changes in interest rates, credit spreads on its investment securities and foreign currency fluctuations that are not permanent and can fluctuate significantly from period to period.

Additionally, RGA uses a non-GAAP financial measure called operating return on equity, which is calculated as operating income divided by average shareholder’s equity excluding AOCI.

Page 1

Reinsurance Group of America, Incorporated
Financial Highlights


	Three Months Ended or As of															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,		June 30,
(USD thousands, except inforce & per share data)	2011			2011			2010			2010			2010			Quarter			2011		2010		Change
Net premiums	$	1,788,676		$	1,736,130		$	1,801,899		$	1,647,300		$	1,582,017		$	206,659		$	3,524,806	$	3,210,481	$	314,325
Net income		132,888			160,816			196,712			128,232			127,019			5,869			293,704		249,458		44,246
Operating income		128,001			118,827			161,419			127,703			121,899			6,102			246,828		214,907		31,921
Operating return on equity (ex AOCI) — annualized		12.2	%		11.5	%		16.0	%		13.2	%		13.0	%		-0.8	%
Operating return on equity (ex AOCI) — trailing 12 months		13.2	%		13.4	%		13.2	%		12.7	%		12.7	%		0.5	%
Total assets		30,659,277			29,510,019			29,081,908			28,934,028			27,220,606			3,438,671

Assumed Life Reinsurance in Force (in billions)
U.S.	$	1,343.2		$	1,343.2		$	1,340.5		$	1,339.7		$	1,334.9		$	8.3
Canada		350.3			339.2			324.1			307.0			289.7			60.6
Europe & South Africa		529.7			497.8			467.6			446.5			401.8			127.9
Asia Pacific		435.6			407.7			408.1			385.8			340.9			94.7

Total Life Reinsurance in Force	$	2,658.8		$	2,587.9		$	2,540.3		$	2,479.0		$	2,367.3		$	291.5


Assumed New Business Production (in billions)
U.S.	$	24.3		$	31.3		$	26.2		$	30.3		$	45.1		$	(20.8	)	$	55.6	$	85.7	$	(30.1	)
Canada		13.4			12.4			12.2			12.2			12.8			0.6			25.8		26.7		(0.9	)
Europe & South Africa		47.6			37.1			28.5			30.0			23.4			24.2			84.7		45.1		39.6
Asia Pacific		9.7			7.4			13.1			4.8			10.1			(0.4	)		17.1		12.8		4.3

Total New Business Production	$	95.0		$	88.2		$	80.0		$	77.3		$	91.4		$	3.6		$	183.2	$	170.3	$	12.9


Per Share and Shares Data
Basic earnings per share
Net income	$	1.80		$	2.20		$	2.68		$	1.75		$	1.74		$	0.06		$	3.99	$	3.42	$	0.57
Operating income	$	1.73		$	1.62		$	2.20		$	1.75		$	1.67		$	0.06		$	3.35	$	2.94	$	0.41
Diluted earnings per share
Net income	$	1.78		$	2.18		$	2.62		$	1.72		$	1.70		$	0.08		$	3.96	$	3.34	$	0.62
Operating income	$	1.72		$	1.61		$	2.15		$	1.72		$	1.63		$	0.09		$	3.33	$	2.88	$	0.45

Wgt. average common shares outstanding (basic)		73,971			73,213			73,277			73,162			73,141			830			73,593		73,094		499
Wgt. average common shares outstanding (diluted)		74,530			73,836			75,052			74,420			74,721			(191	)		74,184		74,650		(466	)

Common shares issued		79,138			79,138			73,364			73,364			73,364			5,774			79,138		73,364		5,774
Treasury shares		5,062			5,341			1			192			210			4,852			5,062		210		4,852
Common shares outstanding		74,076			73,797			73,363			73,172			73,154			922			74,076		73,154		922

Book value per share	$	71.88		$	68.06		$	68.71		$	68.30		$	60.73
Per share effect of accumulated other comprehensive income (AOCI)	$	14.37		$	12.18		$	12.37		$	14.48		$	8.59
Book value per share, excluding AOCI	$	57.51		$	55.88		$	56.34		$	53.82		$	52.14

Shareholder dividends paid	$	8,870.7		$	8,832.2		$	8,830.3		$	8,778.5		$	8,777.3		$	93.4		$	17,702.8	$	17,555.8	$	147.0

Page 2

Reinsurance Group of America, Incorporated
Consolidated GAAP Income Statement (incl. Operating Income Reconciliations)


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2011			2011			2010			2010			2010			Quarter			2011			2010			Change
Revenues:
Net premiums	$	1,788,676		$	1,736,130		$	1,801,899		$	1,647,300		$	1,582,017		$	206,659		$	3,524,806		$	3,210,481		$	314,325
Investment income, net of related expenses		337,436			371,040			355,227			287,504			291,671			45,765			708,476			595,929			112,547
Investment related gains (losses), net
OTTI on fixed maturity securities		(5,582	)		(1,556	)		(16,097	)		(4,904	)		(3,489	)		(2,093	)		(7,138	)		(10,919	)		3,781
OTTI on fixed maturity securities transferred to/from AOCI		292			—			(186	)		26			(139	)		431			292			2,205			(1,913	)
Other investment related gains (losses), net		32,678			125,176			90,916			(11,902	)		26,620			6,058			157,854			162,891			(5,037	)

Total investment related gains (losses), net		27,388			123,620			74,633			(16,780	)		22,992			4,396			151,008			154,177			(3,169	)
Other revenue		50,477			51,645			42,370			37,515			35,197			15,280			102,122			71,475			30,647

Total revenues		2,203,977			2,282,435			2,274,129			1,955,539			1,931,877			272,100			4,486,412			4,032,062			454,350

Benefits and expenses:
Claims and other policy benefits		1,520,013			1,469,449			1,470,845			1,393,891			1,307,239			212,774			2,989,462			2,682,419			307,043
Interest credited		96,196			106,063			79,103			94,776			79,169			17,027			202,259			136,103			66,156
Policy acquisition costs and other insurance expenses		261,282			331,153			319,444			157,058			237,149			24,133			592,435			603,451			(11,016	)
Other operating expenses		97,161			106,150			102,216			85,409			83,147			14,014			203,311			174,346			28,965
Interest expense		25,818			24,569			25,215			25,191			25,141			677			50,387			40,590			9,797
Collateral finance facility expense		3,101			3,202			2,049			2,041			1,960			1,141			6,303			3,766			2,537

Total benefits and expenses		2,003,571			2,040,586			1,998,872			1,758,366			1,733,805			269,766			4,044,157			3,640,675			403,482

Income before income taxes		200,406			241,849			275,257			197,173			198,072			2,334			442,255			391,387			50,868

Income tax expense		67,518			81,033			78,545			68,941			71,053			(3,535	)		148,551			141,929			6,622

Net income	$	132,888		$	160,816		$	196,712		$	128,232		$	127,019		$	5,869		$	293,704		$	249,458		$	44,246


Pre-tax Operating Income Reconciliation:
Income before income taxes — continuing operations		200,406			241,849			275,257			197,173			198,072			2,334			442,255			391,387			50,868
Investment and derivative losses (gains) — non-operating (1)		(40,152	)		1,099			91,401			(37,747	)		(130,697	)		90,545			(39,053	)		(130,326	)		91,273
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(10,525	)		(90,535	)		(43,780	)		38,653			(32,512	)		21,987			(101,060	)		(155,147	)		54,087
GMXB embedded derivatives (1)		25,860			(32,654	)		(121,209	)		16,232			140,934			(115,074	)		(6,794	)		133,763			(140,557	)
Funds withheld losses (gains) — investment income		(7,185	)		12,041			(8,240	)		(6,494	)		(5,772	)		(1,413	)		4,856			(5,690	)		10,546
Funds withheld losses (gains) — policy acq. costs		1,793			(1,925	)		793			954			777			1,016			(132	)		696			(828	)
EIA embedded derivatives — interest credited		21,011			(26,751	)		(25,741	)		43,070			14,990			6,021			(5,740	)		(7,432	)		1,692
EIA embedded derivatives — policy acq. costs		(2,073	)		2,944			3,008			(4,189	)		(1,503	)		(570	)		871			1,747			(876	)
DAC offset, net		4,158			72,567			49,618			(50,519	)		6,041			(1,883	)		76,725			109,810			(33,085	)
Gain on repurchase of collateral finance facility securities		—			(4,971	)		—			—			—			—			(4,971	)		—			(4,971	)
Loss on retirement of Preferred Income Equity Redeemable Securities (“PIERS”)		—			4,391			—			—			—			—			4,391			—			4,391

Operating Income Before Income Taxes	$	193,293		$	178,055		$	221,107		$	197,133		$	190,330		$	2,963		$	371,348		$	338,808		$	32,540


After-tax Operating Income Reconciliation:
Income — continuing operations		132,888			160,816			196,712			128,232			127,019			5,869			293,704			249,458			44,246
Investment and derivative losses (gains) — non-operating (1)		(26,361	)		191			59,317			(25,041	)		(85,039	)		58,678			(26,170	)		(85,086	)		58,916
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		(6,841	)		(58,848	)		(28,457	)		25,125			(21,133	)		14,292			(65,689	)		(100,846	)		35,157
GMXB embedded derivatives (1)		16,809			(21,225	)		(78,786	)		10,551			91,607			(74,798	)		(4,416	)		86,946			(91,362	)
Funds withheld losses (gains) — investment income		(4,671	)		7,827			(5,356	)		(4,221	)		(3,752	)		(919	)		3,156			(3,699	)		6,855
Funds withheld losses (gains) — policy acq. costs		1,165			(1,251	)		515			621			505			660			(86	)		452			(538	)
EIA embedded derivatives — interest credited		13,657			(17,388	)		(16,732	)		27,996			9,743			3,914			(3,731	)		(4,831	)		1,100
EIA embedded derivatives — policy acq. costs		(1,348	)		1,914			1,955			(2,723	)		(977	)		(371	)		566			1,136			(570	)
DAC offset, net		2,703			47,168			32,251			(32,837	)		3,926			(1,223	)		49,871			71,377			(21,506	)
Gain on repurchase of collateral finance facility securities		—			(3,231	)		—			—			—			—			(3,231	)		—			(3,231	)
Loss on retirement of PIERS		—			2,854			—			—			—			—			2,854			—			2,854

Operating Income	$	128,001		$	118,827		$	161,419		$	127,703		$	121,899		$	6,102		$	246,828		$	214,907		$	31,921


(1)		Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

Page 3

Reinsurance Group of America, Incorporated
Consolidated Operating Income Statement


	Three Months Ended										Current Qtr			Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		vs. PY			June 30,		June 30,
(USD thousands, except per share data)	2011		2011		2010		2010		2010		Quarter			2011		2010		Change
Revenues:
Net premiums	$	1,788,676	$	1,736,130	$	1,801,899	$	1,647,300	$	1,582,017	$	206,659		$	3,524,806	$	3,210,481	$	314,325
Investment income, net of related expenses		330,251		383,081		346,987		281,010		285,899		44,352			713,332		590,239		123,093
Investment related gains (losses), net		2,571		1,530		1,045		358		717		1,854			4,101		2,467		1,634
Other revenue		50,477		46,674		42,370		37,515		35,197		15,280			97,151		71,475		25,676

Total revenues		2,171,975		2,167,415		2,192,301		1,966,183		1,903,830		268,145			4,339,390		3,874,662		464,728

Benefits and expenses:
Claims and other policy benefits		1,520,013		1,469,449		1,470,845		1,393,891		1,307,239		212,774			2,989,462		2,682,419		307,043
Interest credited		75,185		132,814		104,844		51,706		64,179		11,006			207,999		143,535		64,464
Policy acquisition costs and other insurance expenses		257,404		257,567		266,025		210,812		231,834		25,570			514,971		491,198		23,773
Other operating expenses		97,161		101,759		102,216		85,409		83,147		14,014			198,920		174,346		24,574
Interest expense		25,818		24,569		25,215		25,191		25,141		677			50,387		40,590		9,797
Collateral finance facility expense		3,101		3,202		2,049		2,041		1,960		1,141			6,303		3,766		2,537

Total benefits and expenses		1,978,682		1,989,360		1,971,194		1,769,050		1,713,500		265,182			3,968,042		3,535,854		432,188

Operating income before income taxes		193,293		178,055		221,107		197,133		190,330		2,963			371,348		338,808		32,540

Operating income tax expense		65,292		59,228		59,688		69,430		68,431		(3,139	)		124,520		123,901		619


Operating income	$	128,001	$	118,827	$	161,419	$	127,703	$	121,899	$	6,102		$	246,828	$	214,907	$	31,921


Wgt. Average Common Shares Outstanding (Diluted)		74,530		73,836		75,052		74,420		74,721		(191	)		74,184		74,650		(466	)

Diluted Earnings Per Share — Operating Income	$	1.72	$	1.61	$	2.15	$	1.72	$	1.63	$	0.09		$	3.33	$	2.88	$	0.45

*Foreign currency effect:**
Net premiums	$	77,277	$	42,487	$	23,933	$	15,448	$	40,445	$	36,832		$	119,764	$	144,419	$	(24,655	)
Operating income before income taxes	$	5,713	$	4,634	$	1,580	$	1,998	$	5,185	$	528		$	10,347	$	14,682	$	(4,335	)


*		Compared to comparable prior year period

Page 4

Reinsurance Group of America, Incorporated
Consolidated Balance Sheets


	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(USD thousands)	2011			2011			2010			2010			2010
Assets
Fixed maturity securities, available-for-sale	$	15,153,807		$	14,531,154		$	14,304,597		$	14,169,930		$	13,077,607
Mortgage loans on real estate		908,048			906,869			885,811			863,873			838,827
Policy loans		1,229,663			1,222,016			1,228,418			1,173,148			1,173,016
Funds withheld at interest		5,671,844			5,595,146			5,421,952			5,276,511			5,257,929
Short-term investments		125,618			74,902			118,387			84,091			63,962
Other invested assets		799,341			756,377			707,403			738,830			637,827

Total investments		23,888,321			23,086,464			22,666,568			22,306,383			21,049,168
Cash and cash equivalents		710,973			467,672			463,661			634,075			557,756
Accrued investment income		160,436			155,182			127,874			177,250			144,658
Premiums receivable and other reinsurance balances		1,045,131			986,658			1,037,679			987,342			898,522
Reinsurance ceded receivables		781,006			807,929			769,699			790,889			721,830
Deferred policy acquisition costs		3,733,686			3,679,075			3,726,443			3,741,534			3,597,865
Other assets		339,724			327,039			289,984			296,555			250,807

Total assets	$	30,659,277		$	29,510,019		$	29,081,908		$	28,934,028		$	27,220,606


Liabilities and Stockholders’ Equity
Future policy benefits		9,642,814		$	9,438,432		$	9,274,789		$	8,906,977		$	8,518,817
Interest-sensitive contract liabilities		8,100,608			7,747,203			7,774,481			7,884,874			7,781,407
Other policy claims and benefits		2,774,031			2,728,122			2,597,941			2,590,014			2,387,579
Other reinsurance balances		159,340			184,958			133,590			134,066			143,723
Deferred income taxes		1,421,480			1,415,333			1,396,747			1,064,726			977,873
Other liabilities		784,291			701,799			637,923			1,129,848			742,940
Short-term debt		199,993			255,989			199,985			—			—
Long-term debt		1,414,406			1,016,510			1,016,425			1,216,320			1,216,230
Collateral finance facility		837,789			839,354			850,039			850,026			850,030
Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated debentures of the Company		—			159,455			159,421			159,368			159,316

Total liabilities		25,334,752			24,487,155			24,041,341			23,936,219			22,777,915

Stockholders’ Equity:
Common stock, at par value		791			791			734			734			734
Warrants		—			—			66,912			66,912			66,912
Additional paid-in-capital		1,713,893			1,708,096			1,478,398			1,477,011			1,473,305
Retained earnings		2,856,009			2,738,868			2,587,403			2,402,167			2,282,968
Treasury stock		(310,856	)		(323,689	)		(295	)		(8,774	)		(9,570	)

Accumulated other comprehensive income (AOCI):
Accumulated currency translation adjustment, net of income taxes		311,653			297,513			270,526			242,686			173,985
Unrealized appreciation of securities, net of income taxes		767,023			615,631			651,449			832,756			470,365
Pension and postretirement benefits, net of income taxes		(13,988	)		(14,346	)		(14,560	)		(15,683	)		(16,008	)

Total stockholders’ equity		5,324,525			5,022,864			5,040,567			4,997,809			4,442,691

Total liabilities and stockholders’ equity	$	30,659,277		$	29,510,019		$	29,081,908		$	28,934,028		$	27,220,606


Total stockholders’ equity, excluding AOCI	$	4,259,837		$	4,124,066		$	4,133,152		$	3,938,050		$	3,814,349

Page 5

Reinsurance Group of America, Incorporated
U.S. Traditional Sub-segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2011			2011			2010			2010			2010			Quarter			2011			2010			Change
Revenues:
Net premiums	$	973,837		$	935,053		$	1,009,758		$	930,070		$	933,162		$	40,675		$	1,908,890		$	1,836,123		$	72,767
Investment income, net of related expenses		124,564			119,781			117,272			124,596			120,782			3,782			244,345			234,243			10,102
Other revenue		738			493			504			428			190			548			1,231			788			443

Total revenues		1,099,139			1,055,327			1,127,534			1,055,094			1,054,134			45,005			2,154,466			2,071,154			83,312

Benefits and expenses:
Claims and other policy benefits		839,173			822,407			842,335			793,270			788,956			50,217			1,661,580			1,578,731			82,849
Interest credited		14,967			14,584			14,826			16,698			16,312			(1,345	)		29,551			32,948			(3,397	)
Policy acquisition costs and other insurance expenses		132,172			127,462			142,057			125,526			134,470			(2,298	)		259,634			263,243			(3,609	)
Other operating expenses		19,486			21,350			21,221			18,534			18,303			1,183			40,836			39,162			1,674

Total benefits and expenses		1,005,798			985,803			1,020,439			954,028			958,041			47,757			1,991,601			1,914,084			77,517

Operating income before income taxes		93,341			69,524			107,095			101,066			96,093			(2,752	)		162,865			157,070			5,795


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		93,341			69,524			107,095			101,066			96,093			(2,752	)		162,865			157,070			5,795
Investment and derivative (losses) gains — non-operating		205			8,875			6,246			13,009			2,721			(2,516	)		9,080			5,569			3,511

Income before income taxes	$	93,546		$	78,399		$	113,341		$	114,075		$	98,814		$	(5,268	)	$	171,945		$	162,639		$	9,306


Loss and Expense Ratios:
Claims and other policy benefits		86.2	%		88.0	%		83.4	%		85.3	%		84.5	%		1.7	%		87.0	%		86.0	%		1.0	%
Policy acquisition costs and other insurance expenses		13.6	%		13.6	%		14.1	%		13.5	%		14.4	%		-0.8	%		13.6	%		14.3	%		-0.7	%
Other operating expenses		2.0	%		2.3	%		2.1	%		2.0	%		2.0	%		0.0	%		2.1	%		2.1	%		0.0	%

Page 6

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands except account values)	2011			2011			2010			2010			2010			Quarter			2011			2010			Change
Revenues:
Net premiums	$	3,459		$	3,325		$	3,401		$	2,724		$	3,128		$	331		$	6,784		$	15,005		$	(8,221	)
Investment income, net of related expenses		97,944			159,414			129,985			60,853			77,189			20,755			257,358			173,638			83,720
Investment related gains (losses), net		(20	)		(16	)		(18	)		(18	)		(18	)		(2	)		(36	)		(36	)		—
Other revenue		23,536			24,001			24,156			19,605			21,944			1,592			47,537			42,837			4,700

Total revenues		124,919			186,724			157,524			83,164			102,243			22,676			311,643			231,444			80,199

Benefits and expenses:
Claims and other policy benefits		4,264			2,816			3,131			(318	)		2,850			1,414			7,080			12,460			(5,380	)
Interest credited		59,603			118,230			90,017			35,008			47,868			11,735			177,833			110,574			67,259
Policy acquisition costs and other insurance expenses		39,323			42,755			41,614			32,072			33,341			5,982			82,078			70,491			11,587
Other operating expenses		1,743			2,154			2,781			2,413			2,414			(671	)		3,897			5,603			(1,706	)

Total benefits and expenses		104,933			165,955			137,543			69,175			86,473			18,460			270,888			199,128			71,760

Operating income (loss) before income taxes		19,986			20,769			19,981			13,989			15,770			4,216			40,755			32,316			8,439


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		19,986			20,769			19,981			13,989			15,770			4,216			40,755			32,316			8,439
Investment and derivative (losses) gains — non-operating (1)		28,681			(18,704	)		(109,171	)		17,112			124,746			(96,065	)		9,977			127,554			(117,577	)
Change in value of modified coinsurance and funds withheld embedded derivatives (1)		10,525			90,535			43,780			(38,653	)		32,512			(21,987	)		101,060			155,147			(54,087	)
GMXB embedded derivatives (1)		(25,860	)		32,654			121,209			(16,232	)		(140,934	)		115,074			6,794			(133,763	)		140,557
Funds withheld losses (gains) — investment income		7,185			(12,041	)		8,240			6,494			5,772			1,413			(4,856	)		5,690			(10,546	)
Funds withheld losses (gains) — policy acq. costs		(1,793	)		1,925			(793	)		(954	)		(777	)		(1,016	)		132			(696	)		828
EIA embedded derivatives — interest credited		(21,011	)		26,751			25,741			(43,070	)		(14,990	)		(6,021	)		5,740			7,432			(1,692	)
EIA embedded derivatives — policy acq. costs		2,073			(2,944	)		(3,008	)		4,189			1,503			570			(871	)		(1,747	)		876
DAC offset, net		(4,158	)		(72,567	)		(49,618	)		50,519			(6,041	)		1,883			(76,725	)		(109,810	)		33,085

Income before income taxes	$	15,628		$	66,378		$	56,361		$	(6,606	)	$	17,561		$	(1,933	)	$	82,006		$	82,123		$	(117	)


(1)		Included in “Investment related gains (losses), net” on Consolidated GAAP Income Statement

Page 7

Reinsurance Group of America, Incorporated
U.S. Asset Intensive Sub-segment
(Cont’d)


	Three Months Ended
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,
(USD millions)	2011			2011			2010			2010			2010
Annuity account values:

Fixed annuities (deferred)	$	835		$	804		$	822		$	837		$	847

Net interest spread (fixed annuities):		2.2	%		2.7	%		2.4	%		1.5	%		2.3	%

Equity-indexed annuities	$	4,324		$	4,258		$	4,239		$	4,210		$	4,145

Variable annuities:
No riders	$	1,114		$	1,172		$	1,156		$	1,243		$	1,190
GMDB only		89			91			90			87			79
GMIB only		6			6			6			6			6
GMAB only		63			64			64			62			58
GMWB only		1,751			1,773			1,735			1,653			1,517
GMDB / WB		493			500			492			472			431
Other		35			36			36			34			32

Total VA account values	$	3,551		$	3,642		$	3,579		$	3,557		$	3,313

Fair value of liabilities associated with living benefit riders	$	46		$	20		$	53		$	174		$	158

Interest-sensitive contract liabilities associated with:

Guaranteed investment contracts	$	199		$	199		$	199		$	199		$	199

Bank-owned life insurance (BOLI)	$	502		$	498		$	494		$	491		$	487

Other asset-intensive business	$	85		$	87		$	90		$	96		$	98

Page 8

Reinsurance Group of America, Incorporated
U.S. Financial Reinsurance Sub-segment Pre-tax Operating Income


	Three Months Ended														Current Qtr			Year-to-Date
	June 30,		March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2011		2011			2010			2010			2010			Quarter			2011			2010			Change
Revenues:
Investment income, net of related expenses	$	62	$	(197	)	$	63		$	154		$	107		$	(45	)	$	(135	)	$	56		$	(191	)
Other revenue		9,194		9,002			7,029			5,608			5,820			3,374			18,196			10,870			7,326

Total revenues		9,256		8,805			7,092			5,762			5,927			3,329			18,061			10,926			7,135

Benefits and expenses:
Policy acquisition costs and other insurance expenses		797		853			447			461			580			217			1,650			1,106			544
Other operating expenses		1,469		1,797			1,067			940			937			532			3,266			2,216			1,050

Total benefits and expenses		2,266		2,650			1,514			1,401			1,517			749			4,916			3,322			1,594

Operating income before income taxes		6,990		6,155			5,578			4,361			4,410			2,580			13,145			7,604			5,541


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		6,990		6,155			5,578			4,361			4,410			2,580			13,145			7,604			5,541
Investment and derivative (losses) gains — non-operating		7		(35	)		(23	)		(44	)		(10	)		17			(28	)		(19	)		(9	)

Income before income taxes	$	6,997	$	6,120		$	5,555		$	4,317		$	4,400		$	2,597		$	13,117		$	7,585		$	5,532

Page 9

Reinsurance Group of America, Incorporated
Canadian Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2011			2011			2010			2010			2010			Quarter			2011			2010			Change
Revenues:
Net premiums	$	209,717		$	215,028		$	205,925		$	205,552		$	177,079		$	32,638		$	424,745		$	385,729		$	39,016
Investment income, net of related expenses		45,052			44,901			41,534			41,170			42,206			2,846			89,953			82,434			7,519
Investment related gains (losses), net		1,183			1,169			1,187			938			915			268			2,352			1,810			542
Other revenue		4,980			22			59			803			241			4,739			5,002			284			4,718

Total revenues		260,932			261,120			248,705			248,463			220,441			40,491			522,052			470,257			51,795

Benefits and expenses:
Claims and other policy benefits		165,860			179,055			152,038			186,554			145,250			20,610			344,915			317,766			27,149
Interest credited		—			—			—			—			—			—			—			—			—
Policy acquisition costs and other insurance expenses		44,422			47,089			50,966			26,901			35,264			9,158			91,511			89,705			1,806
Other operating expenses		8,793			8,694			9,058			6,971			6,994			1,799			17,487			13,835			3,652

Total benefits and expenses		219,075			234,838			212,062			220,426			187,508			31,567			453,913			421,306			32,607

Operating income before income taxes		41,857			26,282			36,643			28,037			32,933			8,924			68,139			48,951			19,188


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		41,857			26,282			36,643			28,037			32,933			8,924			68,139			48,951			19,188
Investment and derivative (losses) gains — non-operating		2,135			4,389			(454	)		5,431			815			1,320			6,524			3,770			2,754

Income before income taxes	$	43,992		$	30,671		$	36,189		$	33,468		$	33,748		$	10,244		$	74,663		$	52,721		$	21,942


Loss and Expense Ratios:
Loss ratios (creditor business)		39.7	%		37.7	%		39.1	%		32.5	%		40.6	%		-0.9	%		38.6	%		41.0	%		-2.4	%
Loss ratios (excluding creditor business)		88.8	%		97.6	%		84.3	%		96.3	%		91.9	%		-3.1	%		93.2	%		99.0	%		-5.8	%
Claims and other policy benefits / (net premiums + investment income)		65.1	%		68.9	%		61.4	%		75.6	%		66.2	%		-1.1	%		67.0	%		67.9	%		-0.9	%
Policy acquisition costs and other insurance expenses (creditor business)		57.3	%		55.3	%		56.4	%		55.6	%		56.8	%		0.5	%		56.2	%		52.7	%		3.5	%
Policy acquisition costs and other insurance expenses (excluding creditor business)		12.2	%		11.3	%		15.3	%		9.1	%		11.1	%		1.1	%		11.8	%		11.4	%		0.4	%
Other operating expenses		4.2	%		4.0	%		4.4	%		3.4	%		3.9	%		0.3	%		4.1	%		3.6	%		0.5	%

*Foreign currency effect:**
Net premiums	$	12,409		$	11,248		$	8,357		$	10,236		$	20,670		$	(8,261	)	$	23,657		$	54,227		$	(30,570	)
Operating income before income taxes	$	3,021		$	453		$	1,858		$	292		$	4,079		$	(1,058	)	$	3,474		$	5,452		$	(1,978	)

Creditor reinsurance net premiums	$	41,613		$	51,584		$	47,467		$	17,707		$	34,079		$	7,534		$	93,197		$	110,791		$	(17,594	)

Note: The loss ratios on creditor reinsurance business are normally lower than traditional reinsurance, while allowances are normally higher as a percentage of premiums.


*		Compared to comparable prior year period

Page 10

Reinsurance Group of America, Incorporated
Europe & South Africa Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2011			2011			2010			2010			2010			Quarter			2011			2010			Change
Revenues:
Net premiums	$	283,019		$	269,120		$	257,980		$	232,962		$	209,919		$	73,100		$	552,139		$	427,571		$	124,568
Investment income, net of related expenses		10,174			9,854			9,737			8,579			8,369			1,805			20,028			16,201			3,827
Other revenue		1,745			1,055			296			857			108			1,637			2,800			946			1,854

Total revenues		294,938			280,029			268,013			242,398			218,396			76,542			574,967			444,718			130,249

Benefits and expenses:
Claims and other policy benefits		242,973			216,932			195,172			193,377			165,827			77,146			459,905			345,843			114,062
Policy acquisition costs and other insurance expenses		9,953			12,059			8,153			12,137			10,273			(320	)		22,012			23,671			(1,659	)
Other operating expenses		26,527			25,012			28,301			21,198			21,317			5,210			51,539			44,027			7,512

Total benefits and expenses		279,453			254,003			231,626			226,712			197,417			82,036			533,456			413,541			119,915

Operating income before income taxes		15,485			26,026			36,387			15,686			20,979			(5,494	)		41,511			31,177			10,334


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		15,485			26,026			36,387			15,686			20,979			(5,494	)		41,511			31,177			10,334
Investment and derivative (losses) gains — non-operating		756			293			(1,030	)		1,808			1,347			(591	)		1,049			1,806			(757	)

Income before income taxes	$	16,241		$	26,319		$	35,357		$	17,494		$	22,326		$	(6,085	)	$	42,560		$	32,983		$	9,577


Loss and Expense Ratios:
Claims and other policy benefits		85.9	%		80.6	%		75.7	%		83.0	%		79.0	%		6.9	%		83.3	%		80.9	%		2.4	%
Policy acquisition costs and other insurance expenses		3.5	%		4.5	%		3.2	%		5.2	%		4.9	%		-1.4	%		4.0	%		5.5	%		-1.5	%
Other operating expenses		9.4	%		9.3	%		11.0	%		9.1	%		10.2	%		-0.8	%		9.3	%		10.3	%		-1.0	%

*Foreign currency effect:**
Net premiums	$	24,686		$	6,466		$	(5,502	)	$	(12,500	)	$	(6,154	)	$	30,840		$	31,152		$	13,955		$	17,197
Operating income before income taxes	$	1,712		$	233		$	(704	)	$	(1,184	)	$	(1,158	)	$	2,870		$	1,945		$	(824	)	$	2,769

Critical illness net premiums	$	63,320		$	60,261		$	58,102		$	57,340		$	52,759		$	10,561		$	123,581		$	108,633		$	14,948


*		Compared to comparable prior year period

Page 11

Reinsurance Group of America, Incorporated
Asia Pacific Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2011			2011			2010			2010			2010			Quarter			2011			2010			Change
Revenues:
Net premiums	$	316,356		$	311,517		$	322,544		$	273,825		$	256,878		$	59,478		$	627,873		$	542,696		$	85,177
Investment income, net of related expenses		21,402			19,634			18,997			17,042			17,249			4,153			41,036			34,513			6,523
Investment related gains (losses), net		1,377			(108	)		365			232			(151	)		1,528			1,269			556			713
Other revenue		7,283			8,492			6,642			7,462			6,128			1,155			15,775			12,315			3,460

Total revenues		346,418			339,535			348,548			298,561			280,104			66,314			685,953			590,080			95,873

Benefits and expenses:
Claims and other policy benefits		267,362			247,930			277,926			220,867			204,494			62,868			515,292			427,590			87,702
Interest Credited		615			—			—			—			—			615			615			—			615
Policy acquisition costs and other insurance expenses		44,140			40,820			36,336			27,373			31,661			12,479			84,960			69,591			15,369
Other operating expenses		26,089			25,127			26,164			22,932			22,265			3,824			51,216			44,650			6,566

Total benefits and expenses		338,206			313,877			340,426			271,172			258,420			79,786			652,083			541,831			110,252

Operating income before income taxes		8,212			25,658			8,122			27,389			21,684			(13,472	)		33,870			48,249			(14,379	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		8,212			25,658			8,122			27,389			21,684			(13,472	)		33,870			48,249			(14,379	)
Investment and derivative (losses) gains — non-operating		(298	)		(330	)		1,949			1,094			2,077			(2,375	)		(628	)		1,957			(2,585	)

Income before income taxes	$	7,914		$	25,328		$	10,071		$	28,483		$	23,761		$	(15,847	)	$	33,242		$	50,206		$	(16,964	)


Loss and Expense Ratios:
Claims and other policy benefits		84.5	%		79.6	%		86.2	%		80.7	%		79.6	%		4.9	%		82.1	%		78.8	%		3.3	%
Policy acquisition costs and other insurance expenses		14.0	%		13.1	%		11.3	%		10.0	%		12.3	%		1.7	%		13.5	%		12.8	%		0.7	%
Other operating expenses		8.2	%		8.1	%		8.1	%		8.4	%		8.7	%		-0.5	%		8.2	%		8.2	%		0.0	%

*Foreign currency effect:**
Net premiums	$	40,222		$	24,825		$	21,020		$	17,726		$	25,935		$	14,287		$	65,047		$	76,242		$	(11,195	)
Operating income before income taxes	$	557		$	1,555		$	487		$	978		$	2,276		$	(1,719	)	$	2,112		$	5,853		$	(3,741	)

Critical illness net premiums	$	41,003		$	45,622		$	52,386		$	45,954		$	48,508		$	(7,505	)	$	86,625		$	87,906		$	(1,281	)


*		Compared to comparable prior year period

Page 12

Reinsurance Group of America, Incorporated
Corporate and Other Segment Pre-tax Operating Income


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
(USD thousands)	2011			2011			2010			2010			2010			Quarter			2011			2010			Change
Revenues:
Net premiums	$	2,288		$	2,087		$	2,291		$	2,167		$	1,851		$	437		$	4,375		$	3,357		$	1,018
Investment income, net of related expenses		31,053			29,694			29,399			28,616			19,997			11,056			60,747			49,154			11,593
Investment related gains (losses), net		31			485			(489	)		(794	)		(29	)		60			516			137			379
Other revenue		3,001			3,609			3,684			2,752			766			2,235			6,610			3,435			3,175

Total revenues		36,373			35,875			34,885			32,741			22,585			13,788			72,248			56,083			16,165

Benefits and expenses:
Claims and other policy benefits		381			309			243			141			(138	)		519			690			29			661
Interest credited		—			—			1			—			(1	)		1			—			13			(13	)
Policy acquisition costs and other insurance expenses		(13,403	)		(13,471	)		(13,548	)		(13,658	)		(13,755	)		352			(26,874	)		(26,609	)		(265	)
Other operating expenses		13,054			17,625			13,624			12,421			10,917			2,137			30,679			24,853			5,826
Interest expense		25,818			24,569			25,215			25,191			25,141			677			50,387			40,590			9,797
Collateral finance facility expense		3,101			3,202			2,049			2,041			1,960			1,141			6,303			3,766			2,537

Total benefits and expenses		28,951			32,234			27,584			26,136			24,124			4,827			61,185			42,642			18,543

Operating income (loss) before income taxes		7,422			3,641			7,301			6,605			(1,539	)		8,961			11,063			13,441			(2,378	)


Operating to U.S. GAAP Reconciliation:
Operating income before income taxes		7,422			3,641			7,301			6,605			(1,539	)		8,961			11,063			13,441			(2,378	)
Investment and derivative (losses) gains — non-operating		8,666			4,413			11,082			(663	)		(999	)		9,665			13,079			(10,311	)		23,390
Gain on repurchase of collateral finance facility securities		—			4,971			—			—			—			—			4,971			—			4,971
Loss on retirement of PIERS		—			(4,391	)		—			—			—			—			(4,391	)		—			(4,391	)

Income before income taxes	$	16,088		$	8,634		$	18,383		$	5,942		$	(2,538	)	$	18,626		$	24,722		$	3,130		$	21,592


*Foreign currency effect:**
Net premiums	$	(40	)	$	(52	)	$	58		$	(14	)	$	(6	)	$	(34	)	$	(92	)	$	(5	)	$	(87	)
Operating income before income taxes	$	423		$	2,393		$	(61	)	$	1,912		$	(12	)	$	435		$	2,816		$	4,201		$	(1,385	)


*		Compared to comparable prior year period

Page 13

Reinsurance Group of America, Incorporated
Summary of Pre-tax Segment Operating Income


	Three Months Ended											Current Qtr			Year-to-Date
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,			vs. PY			June 30,		June 30,
(USD thousands)	2011		2011		2010		2010		2010			Quarter			2011		2010		Change
U.S. Traditional	$	93,341	$	69,524	$	107,095	$	101,066	$	96,093		$	(2,752	)	$	162,865	$	157,070	$	5,795
U.S. Asset Intensive		19,986		20,769		19,981		13,989		15,770			4,216			40,755		32,316		8,439
U.S. Financial Reinsurance		6,990		6,155		5,578		4,361		4,410			2,580			13,145		7,604		5,541

Total U.S. Segment		120,317		96,448		132,654		119,416		116,273			4,044			216,765		196,990		19,775
Canadian Segment		41,857		26,282		36,643		28,037		32,933			8,924			68,139		48,951		19,188
Europe & South Africa Segment		15,485		26,026		36,387		15,686		20,979			(5,494	)		41,511		31,177		10,334
Asia Pacific Segment		8,212		25,658		8,122		27,389		21,684			(13,472	)		33,870		48,249		(14,379	)
Corporate and Other		7,422		3,641		7,301		6,605		(1,539	)		8,961			11,063		13,441		(2,378	)

Consolidated	$	193,293	$	178,055	$	221,107	$	197,133	$	190,330		$	2,963		$	371,348	$	338,808	$	32,540

Page 14

Reinsurance Group of America, Incorporated
Investments

(USD thousands)


	Cash and Invested Assets
	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,
	2011		2011		2010		2010		2010
Fixed maturity securities, available-for-sale	$	15,153,807	$	14,531,154	$	14,304,597	$	14,169,930	$	13,077,607
Mortgage loans on real estate		908,048		906,869		885,811		863,873		838,827
Policy loans		1,229,663		1,222,016		1,228,418		1,173,148		1,173,016
Funds withheld at interest		5,671,844		5,595,146		5,421,952		5,276,511		5,257,929
Short-term investments		125,618		74,902		118,387		84,091		63,962
Other invested assets		799,341		756,377		707,403		738,830		637,827
Cash and cash equivalents		710,973		467,672		463,661		634,075		557,756

Total cash and invested assets	$	24,599,294	$	23,554,136	$	23,130,229	$	22,940,458	$	21,606,924

Investment Income and Yield Summary
(Excludes Funds Withheld Portfolios)


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2011			2011			2010			2010			2010			Quarter			2011			2010			Change
Average invested assets at amortized cost	$	17,446,168		$	16,762,725		$	16,257,365		$	15,763,396		$	15,432,369		$	2,013,799		$	16,992,394		$	15,141,511		$	1,850,883
Net investment income	$	228,728		$	219,908		$	216,176		$	218,546		$	208,303		$	20,425		$	448,636		$	423,598		$	25,038
Annualized investment yield (ratio of net investment income to average invested assets)		5.35	%		5.35	%		5.43	%		5.66	%		5.51	%		-0.16	%		5.35	%		5.67	%		-0.32	%

Page 15

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Amortized cost, gross unrealized gains and losses, and estimated fair values of fixed maturity and equity securities
(Excludes Funds Withheld Portfolios)


	June 30, 2011											Other-than-
							Estimated					temporary
	Amortized		Unrealized		Unrealized		Fair		% of			Impairment
	Cost		Gains		Losses		Value		Total			in AOCI
Available-for-sale:
Corporate securities	$	7,307,996	$	470,307	$	81,235	$	7,697,068		50.8	%	$	—
Canadian and Canadian provincial governments		2,533,410		677,586		2,840		3,208,156		21.2	%		—
Residential mortgage-backed securities		1,320,758		59,345		14,319		1,365,784		9.0	%		(258	)
Asset-backed securities		415,637		12,925		51,642		376,920		2.5	%		(6,258	)
Commercial mortgage-backed securities		1,333,832		92,380		67,107		1,359,105		9.0	%		(8,375	)
U.S. government and agencies		191,048		10,832		602		201,278		1.3	%		—
State and political subdivisions		192,368		11,057		5,061		198,364		1.3	%		—
Other foreign government securities		746,298		8,557		7,723		747,132		4.9	%		—

Total fixed maturity securities	$	14,041,347	$	1,342,989	$	230,529	$	15,153,807		100.0	%	$	(14,891	)


Non-redeemable preferred stock		104,444		5,337		2,263		107,518		75.6	%
Other equity securities		34,237		1,498		1,027		34,708		24.4	%

Total equity securities	$	138,681	$	6,835	$	3,290	$	142,226		100.0	%


	December 31, 2010											Other-than-
							Estimated					temporary
	Amortized		Unrealized		Unrealized		Fair		% of			Impairment
	Cost		Gains		Losses		Value		Total			in AOCI
Available-for-sale:
Corporate securities	$	6,826,937	$	436,384	$	107,816	$	7,155,505		50.0	%	$	—
Canadian and Canadian provincial governments		2,354,418		672,951		3,886		3,023,483		21.1	%		—
Residential mortgage-backed securities		1,443,892		55,765		26,580		1,473,077		10.3	%		(1,650	)
Asset-backed securities		440,752		12,001		61,544		391,209		2.7	%		(4,963	)
Commercial mortgage-backed securities		1,353,279		81,839		97,265		1,337,853		9.4	%		(10,010	)
U.S. government and agencies		199,129		7,795		708		206,216		1.4	%		—
State and political subdivisions		170,479		2,098		8,117		164,460		1.2	%		—
Other foreign government securities		556,136		4,304		7,646		552,794		3.9	%		—

Total fixed maturity securities	$	13,345,022	$	1,273,137	$	313,562	$	14,304,597		100.0	%	$	(16,623	)


Non-redeemable preferred stock		100,718		4,130		5,298		99,550		71.0	%
Other equity securities		34,832		6,100		271		40,661		29.0	%

Total equity securities	$	135,550	$	10,230	$	5,569	$	140,211		100.0	%

Page 16

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Corporate Securities by Sector (Fixed Maturities and Equities)
(Excludes Funds Withheld Portfolios)


	June 30, 2011								December 31, 2010
								Average Credit								Average Credit
	Amortized Cost		Estimated Fair Value		% of Total			Ratings	Amortized Cost		Estimated Fair Value		% of Total			Ratings
Financial Institutions
Banking	$	1,783,446	$	1,810,319		23.1	%	A+	$	1,739,077	$	1,740,978		23.9	%	A+
Brokerage		94,559		101,269		1.3	%	A-		98,351		103,902		1.4	%	A-
Finance Comp.		183,694		192,155		2.5	%	A		216,212		224,729		3.1	%	A
Insurance		378,637		403,280		5.1	%	A-		403,557		422,996		5.8	%	A-
REITs		266,211		278,593		3.6	%	BBB+		178,106		187,587		2.6	%	BBB+
Other Finance		236,605		240,814		3.1	%	A-		253,794		259,092		3.5	%	A-

Total Financial Institutions		2,943,152		3,026,430		38.7	%			2,889,097		2,939,284		40.3	%
Industrials
Basic		365,759		394,170		5.0	%	BBB		349,522		376,723		5.2	%	BBB
Capital Goods		374,789		402,343		5.1	%	BBB+		349,526		372,557		5.1	%	BBB+
Communications		642,904		695,688		8.9	%	BBB+		586,179		634,557		8.7	%	BBB+
Consumer Cyclical		418,049		439,177		5.6	%	BBB+		309,255		324,648		4.4	%	BBB+
Consumer Noncyclical		650,346		700,800		8.9	%	A-		646,383		693,785		9.5	%	A-
Energy		393,397		425,668		5.4	%	BBB+		383,293		414,592		5.7	%	BBB+
Technology		245,743		257,024		3.3	%	BBB+		228,702		238,975		3.3	%	BBB+
Transportation		243,378		255,427		3.3	%	BBB+		242,719		255,910		3.5	%	BBB+
Other Industrial		50,841		52,522		0.7	%	BBB		50,679		53,767		0.7	%	BBB

Total Industrials		3,385,206		3,622,819		46.2	%			3,146,258		3,365,514		46.1	%
Utilities
Electric		673,002		708,329		9.0	%	BBB+		612,790		642,177		8.8	%	BBB+
Natural Gas		397,363		430,271		5.5	%	BBB+		276,402		303,679		4.2	%	BBB+
Other Utility		38,464		41,814		0.5	%	A		23,002		29,700		0.4	%	A-

Total Utilities		1,108,829		1,180,414		15.0	%			912,194		975,556		13.4	%
Other Sectors		9,490		9,631		0.1	%	AA		14,938		15,362		0.2	%	AA+

Total	$	7,446,677	$	7,839,294		100.0	%	A-	$	6,962,487	$	7,295,716		100.0	%	A-

Page 17

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Ratings of Fixed Maturity Securities
(Excludes Funds Withheld Portfolios)


		June 30, 2011							March 31, 2011							December 31, 2010							September 30, 2010							June 30, 2010
NAIC Designation	Rating Agency Designation	Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total			Amortized Cost		Estimated Fair Value		% of Total
1	AAA	$	3,261,242	$	3,360,370		22.2	%	$	3,397,610	$	3,470,262		23.9	%	$	3,516,872	$	3,592,987		25.1	%	$	3,492,193	$	3,633,780		25.6	%	$	3,534,911	$	3,642,644		27.9	%
1	AA		3,593,909		4,103,688		27.0	%		3,369,423		3,765,275		25.9	%		3,284,387		3,758,523		26.3	%		3,155,855		3,675,615		25.9	%		2,860,403		3,177,314		24.3	%
1	A		3,250,321		3,587,885		23.7	%		3,206,317		3,480,683		24.0	%		2,896,256		3,205,431		22.4	%		2,714,384		3,138,268		22.2	%		2,512,744		2,773,399		21.2	%
2	BBB		3,129,518		3,330,600		22.0	%		2,863,853		3,041,200		20.9	%		2,860,603		3,035,593		21.2	%		2,778,394		3,030,667		21.4	%		2,639,071		2,783,867		21.3	%
3	BB		464,363		466,393		3.1	%		492,097		497,056		3.4	%		460,675		450,368		3.2	%		471,013		440,012		3.1	%		479,755		424,060		3.2	%
4	B		248,242		229,591		1.5	%		218,541		203,594		1.4	%		239,604		191,287		1.3	%		237,136		185,668		1.3	%		255,530		192,244		1.5	%
5	CCC and lower		65,181		49,540		0.3	%		67,395		50,231		0.3	%		63,859		47,493		0.3	%		63,033		44,683		0.3	%		80,415		65,496		0.5	%
6	In or near default		28,571		25,740		0.2	%		21,747		22,853		0.2	%		22,766		22,915		0.2	%		21,108		21,237		0.2	%		18,809		18,583		0.1	%

	Total	$	14,041,347	$	15,153,807				$	13,636,983	$	14,531,154				$	13,345,022	$	14,304,597				$	12,933,116	$	14,169,930				$	12,381,638	$	13,077,607

Structured Fixed Maturity Securities


	June 30, 2011				March 31, 2011				December 31, 2010				September 30, 2010				June 30, 2010
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Residential mortgage-backed securities:
Agency	$	637,806	$	674,599	$	662,505	$	690,577	$	636,931	$	668,405	$	682,621	$	728,354	$	726,078	$	770,690
Non-agency		682,952		691,185		712,661		725,551		806,961		804,672		837,648		832,934		828,507		802,670

Total residential mortgage-backed securities		1,320,758		1,365,784		1,375,166		1,416,128		1,443,892		1,473,077		1,520,269		1,561,288		1,554,585		1,573,360
Commercial mortgage-backed securities		1,333,832		1,359,105		1,344,194		1,365,715		1,353,279		1,337,853		1,257,835		1,235,849		1,229,237		1,166,937
Asset-backed securities		415,637		376,920		420,028		377,573		440,752		391,209		457,047		414,515		496,652		449,623

Total	$	3,070,227	$	3,101,809	$	3,139,388	$	3,159,416	$	3,237,923	$	3,202,139	$	3,235,151	$	3,211,652	$	3,280,474	$	3,189,920

Page 18

Investments
(USD thousands)

Subprime Mortgage Exposure
(Includes Funds Withheld Portfolios)


	June 30, 2011
	AAA				AA				A
			Estimated Fair				Estimated Fair				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2005 & Prior	$	7,286	$	6,597	$	23,530	$	22,165	$	9,867	$	9,123
2006		—		—		2,295		2,211		—		—
2007		—		—		—		—		—		—
2008 - 2011		—		—		—		—		—		—

Total	$	7,286	$	6,597	$	25,825	$	24,376	$	9,867	$	9,123


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated Fair				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2005 & Prior	$	15,769	$	13,853	$	85,314	$	52,531	$	141,766	$	104,269
2006		—		—		2,136		3,195		4,431		5,406
2007		—		—		4,691		3,058		4,691		3,058
2008 - 2011		6,942		6,942		—		—		6,942		6,942

Total	$	22,711	$	20,795	$	92,141	$	58,784	$	157,830	$	119,675


	December 31, 2010
	AAA				AA				A
			Estimated Fair				Estimated Fair				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2005 & Prior	$	13,343	$	12,079	$	29,809	$	27,746	$	10,504	$	9,573
2006		—		—		—		—		—		—
2007		—		—		—		—		—		—
2008 — 2010		—		—		—		—		—		—

Total	$	13,343	$	12,079	$	29,809	$	27,746	$	10,504	$	9,573


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated Fair				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2005 & Prior	$	22,608	$	19,213	$	71,582	$	41,308	$	147,846	$	109,919
2006		—		—		2,152		2,508		2,152		2,508
2007		—		—		5,279		3,329		5,279		3,329
2008 - 2010		—		—		—		—		—		—

Total	$	22,608	$	19,213	$	79,013	$	47,145	$	155,277	$	115,756

Page 19

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

CMBS Exposure
(Includes Funds Withheld Portfolios)


	June 30, 2011
	AAA				AA				A
			Estimated Fair				Estimated Fair				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2005 & Prior	$	261,578	$	281,404	$	48,917	$	52,177	$	59,298	$	62,983
2006		302,883		321,585		46,533		50,996		55,485		57,272
2007		221,105		236,901		27,042		22,430		128,898		132,294
2008		29,708		33,278		37,262		40,801		7,495		8,172
2009		7,994		7,965		4,369		4,967		6,941		10,263
2010		84,071		83,867		—		—		19,395		19,895
2011		24,771		24,274		—		—		5,200		5,304

Total	$	932,110	$	989,274	$	164,123	$	171,371	$	282,712	$	296,183


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated Fair				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2005 & Prior	$	31,869	$	32,523	$	52,189	$	42,408	$	453,851	$	471,495
2006		27,650		26,920		55,305		49,596		487,856		506,369
2007		102,175		110,038		123,087		99,055		602,307		600,718
2008		—		—		24,503		20,308		98,968		102,559
2009		—		—		—		—		19,304		23,195
2010		—		—		—		—		103,466		103,762
2011		—		—		—		—		29,971		29,578

Total	$	161,694	$	169,481	$	255,084	$	211,367	$	1,795,723	$	1,837,676


NOTE:		Totals include directly held investments with amortized cost of $1,333.8 million and fair value of $1,359.1 million as well as investments in funds withheld with amortized cost of $461.9 million and fair value of $478.6 million.


	December 31, 2010
	AAA				AA				A
			Estimated Fair				Estimated Fair				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2005 & Prior	$	261,763	$	282,522	$	81,795	$	85,675	$	63,234	$	63,491
2006		314,043		328,422		46,372		50,217		48,851		49,949
2007		255,589		270,731		29,493		23,512		92,910		96,790
2008		29,547		33,115		37,291		39,657		7,495		7,886
2009		8,020		7,877		3,088		3,505		6,834		9,675
2010		69,580		68,879		5,193		4,800		10,970		10,928

Total	$	938,542	$	991,546	$	203,232	$	207,366	$	230,294	$	238,719


	BBB				Below Investment Grade				Total
			Estimated Fair				Estimated Fair				Estimated Fair
Underwriting Year	Amortized Cost		Value		Amortized Cost		Value		Amortized Cost		Value
2005 & Prior	$	67,341	$	66,392	$	56,882	$	44,770	$	531,015	$	542,850
2006		32,651		31,646		56,636		39,127		498,553		499,361
2007		99,796		105,962		125,123		77,459		602,911		574,454
2008		—		—		24,085		15,234		98,418		95,892
2009		—		—		—		—		17,942		21,057
2010		—		—		—		—		85,743		84,607

Total	$	199,788	$	204,000	$	262,726	$	176,590	$	1,834,582	$	1,818,221


NOTE:		Totals include directly held investments with amortized cost of $1,353.3 million and fair value of $1,337.9 million as well as investments in funds withheld with amortized cost of $481.3 million and fair value of $480.4 million.

Page 20

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Gross Unrealized Losses Aging

Fixed Maturity Securities


	June 30, 2011					March 31, 2011					December 31, 2010					September 30, 2010					June 30, 2010
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	120,770		51.7	%	$	142,936		53.4	%	$	143,451		44.9	%	$	86,770		29.1	%	$	132,900		34.4	%
20% or more for less than six months		7,742		3.3	%		7,229		2.7	%		17,293		5.4	%		45,706		15.3	%		54,620		14.1	%
20% or more for six months or greater		102,017		43.6	%		110,349		41.2	%		152,818		47.9	%		160,785		53.9	%		188,398		48.7	%

Total	$	230,529		98.6	%	$	260,514		97.3	%	$	313,562		98.2	%	$	293,261		98.3	%	$	375,918		97.2	%

Equity Securities


	June 30, 2011					March 31, 2011					December 31, 2010					September 30, 2010					June 30, 2010
	Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized					Gross Unrealized
	Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total			Losses		% of Total
Less than 20%	$	3,019		1.3	%	$	5,196		1.9	%	$	2,953		0.9	%	$	2,921		1.0	%	$	4,888		1.3	%
20% or more for less than six months		223		0.1	%		691		0.3	%		821		0.3	%		265		0.1	%		1,808		0.5	%
20% or more for six months or greater		48		0.0	%		1,304		0.5	%		1,795		0.6	%		1,857		0.6	%		4,039		1.0	%

Total	$	3,290		1.4	%	$	7,191		2.7	%	$	5,569		1.8	%	$	5,043		1.7	%	$	10,735		2.8	%

Page 21

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Fixed Maturities and Equity Securities Below Amortized Cost
(Excludes Funds Withheld Portfolios)


	As of June 30, 2011
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
Corporate securities	$	1,051,097	$	22,729	$	322,201	$	50,525	$	1,373,298	$	73,254
Canadian and Canadian provincial governments		132,591		2,840		—		—		132,591		2,840
Residential mortgage-backed securities		122,968		1,979		56,186		10,083		179,154		12,062
Asset-backed securities		40,152		874		100,050		29,877		140,202		30,751
Commercial mortgage-backed securities		154,382		8,007		68,039		21,881		222,421		29,888
U.S. government and agencies		14,288		602		—		—		14,288		602
State and political subdivisions		19,834		985		32,473		4,076		52,307		5,061
Other foreign government securities		161,417		3,945		39,267		3,778		200,684		7,723

Investment grade securities	$	1,696,729	$	41,961	$	618,216	$	120,220	$	2,314,945	$	162,181


Non-investment grade securities:
Corporate securities		120,371		2,918		65,818		5,063		186,189		7,981
Residential mortgage-backed securities		5,075		931		11,169		1,326		16,244		2,257
Asset-backed securities		2,852		424		26,391		20,467		29,243		20,891
Commercial mortgage-backed securities		22,876		1,492		80,145		35,727		103,021		37,219
State and political subdivisions		—		—		—		—		—		—
Other foreign government securities		—		—		—		—		—		—

Non-investment grade securities	$	151,174	$	5,765	$	183,523	$	62,583	$	334,697	$	68,348

Total fixed maturity securities	$	1,847,903	$	47,726	$	801,739	$	182,803	$	2,649,642	$	230,529


Non-redeemable preferred stock		2,291		4		21,100		2,259		23,391		2,263
Other equity securities		3,551		391		5,887		636		9,438		1,027

Total Equity securities	$	5,842	$	395	$	26,987	$	2,895	$	32,829	$	3,290

Total number of securities in an unrealized loss position		550				411				961


	As of December 31, 2010
	Less than 12 months				Equal to or greater than 12 months				Total
	Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized		Estimated Fair		Gross Unrealized
	Value		Losses		Value		Losses		Value		Losses
Investment grade securities:
Corporate securities	$	1,170,016	$	34,097	$	368,128	$	61,945	$	1,538,144	$	96,042
Canadian and Canadian provincial governments		118,585		3,886		—		—		118,585		3,886
Residential mortgage-backed securities		195,406		4,986		105,601		13,607		301,007		18,593
Asset-backed securities		23,065		570		131,172		38,451		154,237		39,021
Commercial mortgage-backed securities		132,526		4,143		109,158		29,059		241,684		33,202
U.S. government and agencies		11,839		708		—		—		11,839		708
State and political subdivisions		68,229		2,890		31,426		5,227		99,655		8,117
Other foreign government securities		322,363		3,142		43,796		4,504		366,159		7,646

Investment grade securities		2,042,029		54,422		789,281		152,793		2,831,310		207,215


Non-investment grade securities:
Corporate securities		58,420		1,832		91,205		9,942		149,625		11,774
Residential mortgage-backed securities		1,162		605		38,206		7,382		39,368		7,987
Asset-backed securities		—		—		23,356		22,523		23,356		22,523
Commercial mortgage-backed securities		—		—		89,170		64,063		89,170		64,063
State and political subdivisions		—		—		—		—		—		—

Non-investment grade securities		59,582		2,437		241,937		103,910		301,519		106,347

Total fixed maturity securities	$	2,101,611	$	56,859	$	1,031,218	$	256,703	$	3,132,829	$	313,562


Non-redeemable preferred stock		15,987		834		28,549		4,464		44,536		5,298
Other equity securities		6,877		271		318		—		7,195		271

Total Equity securities	$	22,864	$	1,105	$	28,867	$	4,464	$	51,731	$	5,569

Total number of securities in an unrealized loss position		520				508				1,028

Page 22

Reinsurance Group of America, Incorporated
Investments
(USD thousands)

Consolidated Investment Related Gains and Losses


	Three Months Ended															Current Qtr			Year-to-Date
	June 30,			March 31,			Dec. 31,			Sept. 30,			June 30,			vs. PY			June 30,			June 30,
	2011			2011			2010			2010			2010			Quarter			2011			2010			Change
Fixed Maturity and Equity Securities:
Other-than-temporary impairment losses on fixed maturities	$	(5,582	)	$	(1,556	)	$	(16,097	)	$	(4,904	)	$	(3,489	)	$	(2,093	)	$	(7,138	)	$	(10,919	)	$	3,781
Portion of loss recognized in accumulated other comprehensive income (before taxes)		292			—			(186	)		26			(139	)		431			292			2,205			(1,913	)

Net other-than-temporary impairment losses on fixed maturities recognized in earnings		(5,290	)		(1,556	)		(16,283	)		(4,878	)		(3,628	)		(1,662	)		(6,846	)		(8,714	)		1,868
Impairment losses on equity securities		(3,680	)		—			—			—			(10	)		(3,670	)		(3,680	)		(32	)		(3,648	)
Gain on investment activity		28,208			29,376			26,124			39,371			19,363			8,845			57,584			35,462			22,122
Loss on investment activity		(6,653	)		(6,914	)		(6,763	)		(7,773	)		(5,662	)		(991	)		(13,567	)		(14,194	)		627

Net gain/(loss) on fixed maturity and equity securities		12,585			20,906			3,078			26,720			10,063			2,522			33,491			12,522			20,969

Other impairment losses and change in mortgage loan provision		(3,186	)		576			1,506			(5,087	)		(1,165	)		(2,021	)		(2,610	)		(2,395	)		(215	)
Other non-derivative gain/(loss), net		4,645			4,696			4,751			4,644			4,789			(144	)		9,341			4,341			5,000

Free-standing Derivatives:
Credit Default Swaps		988			892			4,340			3,730			(4,060	)		5,048			1,880			(3,284	)		5,164
Interest Rate Swaps — non-hedged		25,343			(10,730	)		(79,546	)		49,825			87,114			(61,771	)		14,613			98,455			(83,842	)
Interest Rate Swaps — hedged		205			126			19			239			168			37			331			300			31
Futures		(2,873	)		(11,423	)		(23,766	)		(42,270	)		32,822			(35,695	)		(14,296	)		21,077			(35,373	)
CPI Swaps		503			811			438			(508	)		109			394			1,314			1,032			282
Equity options		3,919			(4,568	)		(2,402	)		(731	)		127			3,792			(649	)		127			(776	)
Currency Forwards		595			(855	)		1,226			1,543			1,447			(852	)		(260	)		618			(878	)

Total free-standing derivatives		28,680			(25,747	)		(99,691	)		11,828			117,727			(89,047	)		2,933			118,325			(115,392	)

Embedded Derivatives:
Modified coinsurance and funds withheld treaties		10,525			90,535			43,780			(38,653	)		32,512			(21,987	)		101,060			155,147			(54,087	)
GMXB		(25,861	)		32,654			121,209			(16,232	)		(140,934	)		115,073			6,793			(133,763	)		140,556

Total embedded derivatives		(15,336	)		123,189			164,989			(54,885	)		(108,422	)		93,086			107,853			21,384			86,469

Net gain/(loss) on total derivatives		13,344			97,442			65,298			(43,057	)		9,305			4,039			110,786			139,709			(28,923	)


Total investment related gains / (losses), net	$	27,388		$	123,620		$	74,633		$	(16,780	)	$	22,992		$	4,396		$	151,008		$	154,177		$	(3,169	)

Page 23

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